235 Old Country Rd Riverhead, NY 11901

Marco Mobile Home Park is a 41-site mobile home community located in Riverhead, New York. The community includes 23 lot renters with an average rent of $737 per month, 11 rent-to-own occupants with an average payment of $1,217 per month, and one single-family residence rented at $2,947 per month. There is also one vacant park-owned home and five vacant lots ready for infill with utilities in place. The community uses city water, which is billed back to tenants, along with septic sewer and trash (curbside pickup). Electricity is sub-metered and direct billed. The investment strategy involves infilling the five vacant lots and selling homes at a profit, increasing utility recapture rates, and increasing rents to market rates for new tenants. The property is a well-maintained, 3-Star manufactured housing community with no park-owned homes and no major infrastructure issues. The community benefits from solid local fundamentals, convenient access to Old Country Road retail and employment, and limited competing supply. Average area home prices are $615,000, and the median income is $94,000.